Merchant accounts let you accept a variety of credit cards from your customers for your business. When you have such an account, you typically don’t need to worry about, which credit card your customers are using, which gateway you need to use, etc.
For small businesses
All banks have merchant account services for businesses. However, not all banks provide this facility to small businesses. You might want to check with your bank if there is a merchant account service available. If not, you can always turn to third party services.
With a reliable online credit card processing service for your merchant account:
- You can accept payments from customers anywhere in the world
- Make the payment process painless and quick for them
- Attract new customers who were previously inaccessible to you
Choosing a service
Before you choose a merchant account service, find out:
- Whether they accept all credit cards (including international)
- Whether they have different rates for different cards (VISA, MasterCard, American Express, etc.)
- What their rates are per transaction
Most online credit card processing companies have two modes:
- Per transaction fee
- Flat fees
If your business is low volume, per transaction fees are more beneficial. However, when your volume grows and the total transaction fees exceed the flat fees, this is when you should switch your plans.
Conclusion: For a small business, the quickest way to get off the ground and attract customers is giving them a painless payment experience. Online merchant accounts are affordable and convenient enough to make the investment worth it.